Real property. (Representative picture)
Real property: Average flat sizes in prime-7 cities develop by 11 per cent yearly final yr – from 1,175 sqft in 2022 to 1,300 sqft in 2023
Demand for greater residences refuses to wane regardless of life returning to normalcy throughout the nation — and rising residential costs. According to the newest information from actual property consultancy agency Anarock, common flat sizes in prime-7 cities grew by 11 per cent yearly final yr – from 1,175 sqft in 2022 to 1,300 sqft in 2023.
“In 2021 and 2020, the average flat size across the top-7 cities were comparable to 2022 — 1,170 sqft in 2021 and 1,167 sqft in 2020,” in keeping with the Anarock report.
A deep dive into the info throughout the highest cities reveals that MMR and Kolkata have been the one two cities the place the common flat sizes decreased in the final one yr.
“In MMR, average flat sizes stood at 840 sqft in 2022 and decreased to 794 sqft in 2023 – a 5 per cent yearly decline. However, over a 5-year period, avg. sizes in MMR were similar to 2019 at 784 sqft,” it stated.
In Kolkata, common flat sizes noticed a 2 per cent yearly decline from 1,150 sqft in 2022 to 1,124 sqft in 2023. However, over a 5-yr interval, common flat sizes have risen by 12 per cent in the town. Average flat dimension in the town stood at 1,000 sqft in 2019, it stated.
Among the highest-7 cities, NCR noticed the best development (37 per cent) in common flat dimension in the final one yr – from 1,375 sq. ft. in 2022 to 1,890 sq. ft. in 2023. Developers in the area are actively monitoring demand and launching bigger properties – homebuyer demand is skewed considerably in the direction of luxurious residences, that are primarily outlined by greater sizes.
Hyderabad has the best common flat dimension in 2023 at 2,300 sq. ft., adopted by NCR with 1,890 sq. ft. In the opposite southern cities – Chennai and Bengaluru – common flat sizes are 1,260 and 1,484 sq. ft., respectively. Pune’s common flat dimension stood at 1,086 sq. ft. in 2023
Anuj Puri, chairman of ANAROCK Group, stated, “North-bound housing prices in the top cities have in no way dispelled the demand for generous living spaces. The supply of bigger luxury homes increased significantly in 2023. ANAROCK data indicates that more than one lakh units (or about 23 per cent) of the total new launches in 2023 were in the luxury category.”
He added that the demand for greater-dimension properties was kick-began by the pandemic, however there are not any indicators of it waning three years later. Led by an everlasting ‘new normal’ in homebuyer preferences, this demand appears eminently sustainable.
